BPE Solicitors acted for EARNZ PLC on its acquisition of two companies in the energy services sector – Cosgrove and Drew Ltd and South West Heating Services Ltd – in an AIM reverse takeover.
The transaction was a cross-team collaboration, with involvement from the Firm’s Corporate & Commercial, Employment and Commercial Property teams. The project was led by Anthony Rudge (Corporate Partner), working alongside Kathryn King (Head of Corporate & Commercial), Laurence Twiselton (Corporate Partner), Joley Croft (Corporate Associate) and Alexander Baugh (Corporate Solicitor).
EARNZ PLC are listed on the AIM market of the London Stock Exchange. Bob Holt stepped into the management of EARNZ PLC in February 2024 with a view to acquiring or investing in companies in the energy, advisory, regeneration and net zero industries. Cosgrove & Drew Ltd and South West Heating Services Ltd, who are dedicated to achieving excellence for their customers, were ideal initial acquisitions. This transaction marks the first of many for EARNZ PLC.
Cosgrove & Drew is an award-winning asset and energy support services company which focuses on two key services: (i) major projects, self-delivering mechanical engineering projects for mainly commercial sites within the public sector; and (ii) facilities management, providing maintenance, compliance or reactive services of client facilities for heating and plumbing. South West Heating Services Ltd provides heating and installation maintenance services largely for domestic insurance claims, while also offering its services directly to domestic households.
Bob Holt has over 35 years’ experience in senior leadership roles across various sectors, including most recently serving as the CEO of Revolution Beauty Plc after joining its board as interim COO. One of his most noteworthy ventures was his role in the rise of Mears Group PLC – guiding the company through its successful IPO on AIM and playing a pivotal role in building its order book value to £3 billion. Bob has been awarded the OBE for his services to philanthropic causes.
Anthony Rudge confirmed: “As always, finding the middle ground between an acquiror’s intentions and a seller’s expectations is never an easy path to tread. This often involves reconciling slightly disparate views in order to find a way forward. It has been a pleasure to support EARNZ PLC on these acquisitions, which represent the first step in their corporate objective to grow and develop sustainable businesses.”
Bob Holt OBE, Executive Chairman of EARNZ PLC, stated: “BPE are a long-term, trusted adviser and I knew that they would do a fantastic job for EARNZ PLC. As directors, we believe that this sector presents some exciting commercial opportunities that will ultimately deliver positive shareholder value. I’m looking forward to seeing what the future brings for us all.”
The teams at BPE were pleased to work alongside Shore Capital, Haysmacintyre LLP and Bryan Cave Leighton Paisner LLP to complete these deals.
